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The SNA Update: Progress Report OECD Working Party on National Accounts

The SNA Update: Progress Report OECD Working Party on National Accounts October 10-12, 2006 Carol S. Caron Project Manager. A year ago. Pace of work on the 44 agreed issues was picking up; some important issues were on the next AEG meeting’s agenda

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The SNA Update: Progress Report OECD Working Party on National Accounts

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  1. The SNA Update: Progress Report OECD Working Party on National Accounts October 10-12, 2006 Carol S. Caron Project Manager

  2. A year ago • Pace of work on the 44 agreed issues was picking up; some important issues were on the next AEG meeting’s agenda • Website was promoting country involvement • Editor and ISWGNA had begun more detailed thinking about the Rev. 1 volume • What, if anything, could be omitted? • How should new material would be incorporated?

  3. Licenses Contracts Leases A lot has happened since! Issues Papers Full Set of Provisional Recommendations Toward Rev.1

  4. Plan of the presentation • Milestones • Frankfurt AEG meeting • Statistical Commission • Full Set of Provisional Recommendations (FSPR) • Follow up on individual issues • Draft chapters posted for comment • Next steps

  5. Reminder: the Framework • The Statistical Commission set the framework • Work programme: research, consultation, governance, etc. • List of 44 issues to be considered • Timetable for Commission’s consideration: • Consolidated Set of Recommendations in March 2007 • Full set of chapters for Rev. 1 in March 2008

  6. Frankfurt AEG meeting • Fourth, and last, of the issues-oriented AEG meetings • Reached agreement on recommendations for most issues, but some work needed mainly on… • Leases and licenses • Pension schemes • Opened discussion of consistency

  7. Statistical Commission, 2006 • Focus was on process: • Commended progress on issues • Attributed progress to project management approach and use of the project website • On substance, • Welcomed chapter on informal sector • Noted concerns about unfunded government pension schemes and need for consultation, but positive outlook • Accepted ISWGNA offer to prepare a programme of implementation

  8. FSPR • Brought together all recommendations • Called for in the work programme • Serves as a basis to examine the consistency and overall robustness of the recommendations • Circulated in late April • On web at http://unstats.un.org/unsd/nationalaccount/snarev1.asp • Countries invited to comment by mid September • Discussion at several meetings

  9. Follow up on individual issues • Pension schemes: work toward solution, especially in Europe • Leases and licenses: AEG e-discussion • Classifications of financial assets and sectoring of financial corporations: world wide questionnaire • All to be covered later on this morning’s agenda

  10. … individual issues (cont’d) • Guarantees: AEG e-discussion of treatment of standardized guarantees due to close this week • Freely available R&D: may come up in tomorrow’s agenda

  11. … individual issues (cont’d) • “Consistency issues” posted on web site: “we are getting there” • Market/non-market distinction • Subsectoring of NPIs • Annuities • Property income • Decision tree to guide sectoring

  12. Draft chapters • Background • Rev. 1 is to go to the Statistical Commission in 2008, so… • draft Rev. 1 on basis of the FSPR to meet timetable • comment period is provided before 2008 • Organization of drafting and review phase • Divide chapters into two roughly equal tranches • Proceed sequentially: draft, review, and AEG meeting for each tranche

  13. Draft chapters (cont’d) • Volume is a balancing act: keeping the familiar structure while integrating new material • Numbering retained through the sequence-of-accounts chapters--that is, through chapter 13 • Recommended changes incorporated as they come up • Major blocks of new material to be pulled together in separate chapters • Leads to 27 chapters

  14. Chapter list 1. Introduction 2. Overview 3. Flows, stocks, and accounting rules 4. Institutional units and sectors 5. Establishments and industries 6-13: Accounts 14. Summarising and presenting the accounts 15. Supply and use and … 16. Prices and volume measures 17. Role of capital services… 18 Cross-cutting and other special issues 19. Measuring corporate activity 20. Government and public sectors 21. NPIs 22. Households 23. Informal sector 24. ROW account 25. Link to financial and monetary statistics 26. Population and labour inputs 27. Satellite accounts and other extensions Draft chapters (cont’d)

  15. Draft chapters (cont’d) • First chapters ready for comment were posted last week in a Progress Monitor at http://unstats.un.org/unsd/sna1993/draftingPhase/pubdefault.asp • Chapters ready • 9: Use of Income • 14: Summarising and presenting the accounts • Progress monitor is comprehensive tool for tracking the drafting and review stage • Issue-by-chapter matrix • Colors for chapter column change to show progress

  16. Draft chapters (cont’d) • AEG, NSOs, central banks, and experts invited to comment on the draft chapters • Comment period is 60 days from the time of posting • Template for commenting is on the web • Template is flexible but structured • Comments go to UNSD • Comments will be assembled and used to frame the AEG meeting and revise drafts

  17. Next steps • Where we are: meetings, letters from central banks and NSOs, and consultations with those working on other manuals shows… • Wide agreement on most recommendations • Reason to proceed with special care on a few: • Pension schemes • R&D • Capital services, especially on own assets of nonmarket producers • Military expenditures • Goods for processing

  18. Next steps (cont’d) • Recommendations: ISWGNA is in the midst of a process to consider comments and reach agreement on what to bring forward to the Statistical Commission • This will lead to a Consolidated Set of Recommendations • Report of the ISWGNA to the Statistical Commission

  19. Next steps (cont’d) • Chapters: Editor to continue on first tranche • Next batch • Capital account • Financial account • Other changes in assets account • Balance sheet • The link to monetary and financial statistics • Role of capital services in the accounts • Then production, primary distribution, secondary distribution • And supply and use, price and volume, cross-cutting

  20. Next steps (cont’d) • Implementation: ISWGNA committed to presenting a strategy in March 2008 • Canvassing now to learn from experiences after the 1993 SNA • OECD’s survey on countries’ plans is useful input • Other issues that come up: keep focused on the 44 and build the long-term research agenda

  21. In conclusion • The consultative process has served us well so far: • We know a lot about countries’ views—probably more than ever before on such an international venture • We should strive to continue to make it work • No one ever said that the Update would be “a piece of cake,” so let us get on with it

  22. Thank you Contact:: ccarson@imf.org

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